It’s an election year and the best way to rule a mod is by fear. Results are predictable.
Burry makes a very good point, “Capitalism is on trial. I see it a little differently. If a lender offers me free money, I do not have to take it. And if I take it, I better understand all the terms, because there is no such thing as free money. That is just basic personal responsibility and common sense.”
I had a friend who I worked with in Commercial Real Estate. He bought a house in Los Angeles area with zero down interest only loan. I told him to be careful what you wish for. Sure enough 3 1/2 years later he goes BK, but he never once blamed the lender. He told me it was one of the dumbest things he ever did. He told me it was the biggest reason his marriage ended which was a good thing. He’s still paying for it, and will be a renter for many years to come.